Special article brought to you by Econ Mortgage
It’s become a standing joke (though not very funny) that 2020 is the worst year ever. It seems like every bad thing you could imagine has happened this year. As if a worldwide pandemic weren’t enough, we’ve also seen earthquakes, wildfires, hurricanes, a global recession, major protests, and don’t forget the murder hornets! It really has been a rough one in so many ways, but there is at least one really good thing to happen this year: mortgage interest rates are lower than ever before.
SILVER LINING
We started the year with interest rates that were already pretty low and with all the craziness of 2020, nobody knew exactly where rates would end up. After a bit of fluctuation earlier in the summer, rates have continued to drop to under 3%, which is even lower than the good rates we’ve seen the past couple of years.
HOW LOW CAN IT GO?
If you’ve been waiting for just the right time to snag a super low interest rate, this could be that moment. There’s not much room for interest rates to go lower than where they are now, so if you are in the market to refinance or buy a new home, it’s a great time to do it.
SHOULD YOU REFINANCE?
If you closed your loan within the past few years, or even months, you might still benefit from refinancing at these low rates. Work with a loan officer to get quotes and compare the figures based on your current situation. Quotes are always free, and to get a quote you don’t even need to have your credit pulled. You might save a few hundred dollars a month and you can often skip a mortgage payment (sometimes two) when you refinance.
SHOP AROUND
Many homeowners assume it doesn’t matter where you get your loan. They assume rates are the same from every lender, so they don’t shop around. That couldn’t be further from the truth. The smart way to get a loan is to work with a mortgage professional that takes a smaller piece of the pie, so they pass along more savings to you, the borrower. You can get quotes from more than one lender–in fact, shopping around is a great way to make sure you’re getting the best rate.
WHO IS ECON MORTGAGE?
At Econ Mortgage we keep our overhead low and use technology to streamline the mortgage process. We make less profit on each loan, so we can pass the savings on to our clients. Our clients keep coming back because they know we’ll take care of them and get them the best possible rate at a competitive price. Call us at (385) 258-3588 or visit EconMortgage.com.